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Last $45.34 USD
Change Today -0.62 / -1.35%
Volume 177.9K
CCMP On Other Exchanges
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As of 5:20 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

cabot microelectronics corp (CCMP) Key Developments

Cabot Microelectronics Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2015; Revised Earnings Guidance for Fiscal 2015

Cabot Microelectronics Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2015.  For the quarter, total revenue was $97.2 million, 10.3% lower than $108.4 million for the same quarter last year. Operating income was $15.2 million against $18.5 million last year. Income before income taxes was $13.9 million against $17.5 million last year. Net income was $9.9 million against $13.3 million last year. Income available to common shareholders was $9.7 million against $13.1 million last year. The company recorded diluted earnings per share of $0.39 against $0.53 last year. The decrease in revenue reflects softness in demand within the global semiconductor industry, a departure from the traditional seasonal strengthening the company has historically experienced during the third fiscal quarter, and business loss of certain dielectrics slurries for mature, lower performance applications, all of which the company has previously discussed.  Compared to the same quarter last year, revenue from the company’s CMP slurries for polishing tungsten increased; revenue from all other major product areas decreased.  Foreign exchange effects reduced revenue by $2.0 million year-over-year, primarily due to the weaker Japanese yen versus the U.S. dollar. Cash flow from operations was $25.2 million. Net income decreased primarily due to lower revenue and a higher effective tax rate, partially offset by a higher gross profit margin, despite the material quality costs.  For the nine months, total revenue was $314 million against $308.3 million for the same period last year. Operating income was $57.2 million against $48.8 million last year. Income before income taxes was $54.7 million against $46.9 million last year. Net income was $43.6 million against $34.7 million last year. Income available to common shareholders was $43.2 million against $34.4 million last year. The company recorded diluted earnings per share of $1.75 against $1.39 last year. Revenue was 1.8% higher than last year, reflecting higher revenue from the company’s CMP slurries for polishing tungsten and other metals, CMP polishing pads and its Engineered Surface Finishes product area, partially offset by lower revenue from slurries for dielectrics and data storage applications.  Year to date revenue includes a $4.5 million adverse impact associated with foreign exchange rate changes, primarily the weaker Japanese yen. The company currently expects its gross profit margin for the full year of fiscal 2015 to be between 50% and 51% of revenue, including the material quality costs; previously, the company had indicated it expected to achieve the upper end of its prior guidance range of 48% to 50% of revenue.  The company currently expects its effective tax rate for the fourth quarter and full fiscal year to be within the range of 20% to 22%.  Previously, the company had estimated 16% to 18% for the full fiscal year.

Cabot Microelectronics Corporation Provides Earnings Guidance for the Third Quarter, Year to Date Ended June 30, 2015 and Full Year 2015

Cabot Microelectronics Corporation provided earnings guidance for the third quarter, year to date ended June 30, 2015 and full year 2015. For the third quarter, the company expects to report revenue of approximately $97 million, gross profit margin of approximately 50% of revenue, and diluted earnings per share of approximately $0.39. These preliminary results include approximately $1.4 million of costs related to certain raw material that does not meet the company’s quality requirements, and a higher effective tax rate compared to the same quarter last year, primarily related to jurisdictional mix of earnings. Effective tax rate is expected to be approximately 29%, compared to roughly 24% in the same quarter last year. The expected increase is primarily related to jurisdictional mix of earnings. Diluted earnings per share of approximately $0.39. For the year to date, the gross profit margin is expected to be approximately 51%, compared to roughly 47% last year. Diluted earnings per share are expected to be approximately $1.75, including the combined $0.07 per share adverse impact of the material quality costs and higher tax rate, compared to $1.39 last year, which included a $0.06 adverse impact associated with an asset impairment charge. For the full year 2015, the company now expects gross profit margin to be between 50% and 51% of revenue. Previously the company had indicated it expected to achieve the upper end of its prior guidance range of 48% to 50% of revenue. Effective tax rate is now expected to be within the range of 20% to 22%, which is higher than its previous estimate of 16% to 18%.

Cabot Microelectronics Corporation Presents at 7th Annual CEO Investor Summit 2015, Jul-15-2015

Cabot Microelectronics Corporation Presents at 7th Annual CEO Investor Summit 2015, Jul-15-2015 . Venue: W Hotel, San Francisco, California, United States.

Cabot Microelectronics Corporation to Report Q3, 2015 Results on Jul 30, 2015

Cabot Microelectronics Corporation announced that they will report Q3, 2015 results at 9:00 AM, Central Standard Time on Jul 30, 2015

Cabot Microelectronics Corporation, Q3 2015 Earnings Call, Jul 30, 2015

Cabot Microelectronics Corporation, Q3 2015 Earnings Call, Jul 30, 2015

 

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CCMP

Industry Average

Valuation CCMP Industry Range
Price/Earnings 18.0x
Price/Sales 2.5x
Price/Book 2.6x
Price/Cash Flow 18.0x
TEV/Sales 1.4x
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